360 Insurance Company, a wholly-owned subsidiary of Mountain West Farm Bureau Mutual Insurance Company (MWFB), has implemented Insurer Policy as the foundation for the company's market expansion.
The new company will initially provide personal lines insurance, but plans to expand the company’s product portfolio going forward.
The implementation allows MWFB and 360 Insurance to leverage the capability of Insurer Policy to uniquely support multiple companies on a single platform while hosted and supported by WCSI.
This implementation highlights the significant business value of Insurer Policy to provide agility and flexibility to respond to business strategies and market opportunities.
360 Insurance and WCSI leveraged Insurer Policy’s out-of-the-box capabilities, and the broad configuration capabilities to setup 360 Insurance, its products and distribution channels, to effectively support state filings and approvals.
This implementation establishes a capability rich solution and environment that is leverage-able for other Farm Bureau’s and smaller tier insurers with either an on-premise or hosted model.
WCSI CEO Harold Williams said the implementation of Insurer Policy with the hosted delivery option allowed the company to leverage IT investment across the combined companies, decreasing operational costs and increasing business value.